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Procedure for registration of company and is it mandatory
03-Jan-2023 (In Startup Law)
hai hello, ,im doing my final year in BE in chennai. I wish to start my own event management company. i have planned everything other than this legal issues. initially we have planned to start the business as FREE service. so do we need to register our company?? if we didnt register our company then our contract towards the client and vendors will be valid?? registering is not a big issue but as we cant pay tax by providing a free service. please help me with it.
Registration of a company is not mandatory. You can start your event management company as a proprietorship firm. Your contract towards your client and vendors will be valid, provided the contract is for a valid consideration. However, if you incur any loss while doing business as a proprietorship firm, then the liability will be unlimited, which means your personal property will be subject to charge / attachment to cover up for the loss.
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Adv. Mubarak Jan
Chennai | 25+ Answers
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